The Parliament of Estonia approved the law on the use of frozen funds of the Russian Federation for the benefit of Ukraine

Olha Bereziuk

On May 15, the Parliament of Estonia voted for a law that would allow the use of frozen Russian assets to restore Ukraine.

The Minister of Foreign Affairs of Estonia Margus Tsahkna informed about this on the social network Kh.

"Our parliament by an overwhelming majority of votes adopted a law that will allow the use of frozen Russian assets for Ukraine! I hope the president will declare it a law as soon as possible," he wrote.

Tsakhna added that Estonia is one step closer to creating a precedent in Europe with a similar initiative.

In accordance with the law, the assets of individuals and legal entities, frozen as part of the sanctions, can be used as an advance payment to compensate for the losses that the Russian Federation has caused to Ukraine, writes Postimees.

  • The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.
  • The European Union has prepared legislation that will allow Ukraine to transfer profits from frozen Russian sovereign assets already in July. This would allow the use of approximately €3 billion per year to finance weapons. We are talking about profits received after February 15, 2024.
  • At the same time, Russiaʼs allies, such as China, Saudi Arabia and Indonesia, are persuading the EU not to confiscate the Kremlinʼs frozen assets.